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Here's a chart of Crysis 3 running 2560x1600 with different graphics cards.  The GTX680 is 3.0TFlops while the Radeon HD 6870 is 2.7TFlops.  A 10% difference in power, yet the GTX680 pushes 24fps while the 6970 only pushes out 12fps.  10% difference and the framerate is half on the weaker card.  On medium settings, it's not quite half the FPS, but it's close, 79fps over 43fps.   

So when the consoles are running pretty much the exact same specs with a different, more powerful graphics card, and better memory,I think it's safe to say that what you see on paper does matter.

http://www.techspot.com/review/642-crysis-3-performance/